06 May, 2009

Property Madness!!!!

How can a 60 year old expatriate who bought a house in international city 3 years back (assuming for about AED500,000) supposed to live in his house taking into account he blew all his saving in getting that house and is retired...any idea???

31 comments:

Proud Emirati said...

Being sponsored by his son?

Stained said...

The son doesn't want to...

Anonymous said...

Section off part of the house and rent it out?

Proud Emirati said...

Own a company by his name and pay thousands of Dirhams every month otherwise I don't think there is an option.

Proud Emirati said...

every year I mean

Stained said...

hmm...so basically buying a property in Dubai for a person who plans to retire is close to impossible!!!!

Anonymous said...

If he has no income, what the hell is he going to eat? What? You expect the state to feed him too?!

The new visa rule seems reasonable enough to me. He'll end up paying 4000/year (2k/6 mo.s). What's the big deal?

Anonymous said...

There is a lot of hue and cry about this subject. But is it just because we were made to have diff expectatons? What happens in case I buy an aprtment in say USA or Australia? What are the investor's rights? Does the investor get automatic right ot live in say Florida?

Anonymous said...

better retier somewhere else.like malasiya cheap place and better enviorment beautiful place to live

unJane said...

It's not smart to ever spend all of your money on housing just before retirement *anywhere* but to do it in Dubai as an expatriate is very foolish and shortsighted. Sorry for your buddy. May be time to pass the hat.

Stained said...

They will eat through the investments they have back home in the form of shares/bonds etc while being supported by their daughter....They have money, but not enough to move out and settle somewhere else...plus for people who've lived here for 35years, going to a new country (which includes their home country) is not a great idea especially in old age...

Anon at 06 May, 2009 14:13
Problem is not the AED4000, problem is the fly out of the country and back. A bit stupid IMO. Maybe it's just their way to increase the number of people flying through their airlines and airports seeing how the number of flights taking off Dubai int airport has dropped drastically....

Honestly the problem are the stupid conditions...

- min 1 million..so the people who invested less don't matter!!!

- AED 10000 pm...how do you expect people who have retired to have a constant fixed income assuming they have invested in shares/bonds/funds etc

- Flying every 6 months...lets say a person can fulfill all the above but is 75years old and should not fly due to health issues, what then??

Why couldn't they just have a system where people could renew their visas yearly without any conditions....

Proud Emirati said...

Don't wanna sound rude but the UAE has never been the place to retire to.

Anonymous said...

Proud Emirati said...
Don't wanna sound rude but the UAE has never been the place to retire to.

Agreed.

a question of a question said...

PE: ". . . . the UAE has never been the place to retire to."

even for a local ;)

Stained said...

Why then offer the idea of 99 years ownership and make people invest into a lie...

Proud Emirati said...

For freehold it is actually an ownership forever. Invest to come here from time to time as a tourist or to earn profit, thats all.

Stained said...

Agreed....but then why the restriction on who can get the visa and who can't....shouldn't they be restrictions based on who the person is and not what he earns or how much money he invested...it's like you could be a gangster in your home country but just because you own a AED 2million property and earn more than AED10,000 you are given a visa....
And any justification for flying out every 6 months apart from giving their aviation industry a boast...

I love this country even after what people say about it...I have fought really hard to stay here cause I want to be part of this country cause I can hear an Azaan on every street unlike the few places I've been to...but slowly these laws are making me change my mind, something I really feel sad about...

A Blessing in Tragedy said...

Stained, with your logic a kind hearted poor man should be allowed to come here, buy a house he cant afford, and in the end of the cycle be out on the street.

You need to at least make sure that the person buying the property is infact able to... buy the property.

Just as you have to make sure that the person sponsoring his family is able to... support his family.

The idea is if you do own a property, and its payments are being made, and you do make enough to support your stay here, you should be allowed in.

You act like this is the only country where this happens. even as a visitor, a country has to make sure that you have enough to tide you over. 1st thing they ask you when applying for a US visa is how much do you make. (2nd thing is have you ever been to Afghanistan... lol) So it makes total sense, you dont need to import problems, you usually have enough already.

Also, Im confused about this:

shouldn't they be restrictions based on who the person is

What do you mean exactly by "who the person is?"

Rob said...

Well for expats you can never called this country your home even if you own a house. The property promo started with free visas when investing in a house. The rules and regulations change with time. Either wait and watch as more regulations unfold that will make you pay for the rest of your life.

Stained said...

First thing...I don't care what the US people do with their visa rules...I almost laughed at the things they asked when I was off to UK!!! Really stupid IMO!!!

'Stained, with your logic a kind hearted poor man should be allowed to come here, buy a house he cant afford, and in the end of the cycle be out on the street.'

The idea is if you do own a property, and its payments are being made, and you do make enough to support your stay here, you should be allowed in.'

That's my problem....people who don't meet the three requirements I've mentioned above will not be eligible for the visa thing irrespective of the fact that they can indeed buy 99 year ownership property and can somehow afford to stay in it...it's like the middle class who bought cheaper properties are not allowed, only richer people...is this their way to filter out the Middle class standard of living!!

What I meant by 'who the person is?' is that basically it is more important to see what type of people are investing in your country. All these rumours about how people have converted their black money into white money through Dubai properties is disturbing as no one knows where that money comes from....

Maybe I'm the only one that sees the wrong in these rules...just wish it was similar to the rules that apply to sponsoring people above 60...

unJane said...

I apologize for my misunderstanding of the issue. So people who already own property which does now not conform to the new regulations are expected to do....what? Sell? It seems to me that whatever laws were on the books when you bought your property should remain the law pertinent to you, n'est pas?

Proud Emirati said...

All of those regulations are being made to indirectly say that this place will never be home, simple as that. We want their money and expertise but we don't want them.

Anonymous said...

First off, the age factor should be irrelevant because that is discrimination. Secondly, UAE will never allow people to renew visa without leaving the country. This is for the simple reason that they fear the Western pressure (now and in the future) to provide citizenship to people who have stayed in Dubai. If they have left the country (even for renewal), this can be used as an excuse that the person involved was not using Dubai as a residence.
I am afraid the expatriate in question may find himself hard placed. I am sure most of us will agree that Dubai is hardly a place fit for an expat's retirement.
Also, lets bear in mind that UAE is a monarchy and an opportunist one at that. The rules we are seeing now, may not be there in three years time.

CG said...

PE you are right. Some people are just thick skinned and really believed that by investing here they would at some stage be granted permanent leave to reside here. Some even thought that one day they would be offered a UAE passport (maybe even NAtionality....lol).
So sad.

Stained said...

no one wants to be offered a UAE passport...only requirement is to be able to live in ones house for the claimed 99 years of ownership...

Anonymous said...

Proud Emirati- Why does the Emirates "want peoples money and expertise but not them"? Since the population is so small, what on earth is the point of building all these housing units, all these medical facilities, all these schools and infastructure if you dont want people from around the world to come here? I would find it frightening as hell to have a 4:1 demographic imbalance in my country of foreign workers to natives if my country didnt offer conduits for foreign workers to become regularized members of the society.
I mean no disrespect but why build it at all? The Emirates is so strategically located that anything you could want is just a few hours by air from here. Why not stop building and get rid of the foreign workers- why have them here at all?

Anonymous said...

Its more like 9:1, and the military is being readied to tackle that issue. lol.

only requirement is to be able to live in ones house for the claimed 99 years of ownership

Once again, you can own it for 99 years, OWNERSHIP and RESIDENCY are 2 different things. Own it and rent it out while you live in your own country.

Stained said...

Anon @ 07 May, 2009 09:55

I'm 22 years and 11 months old...I've stayed in this country for 22year and 6months...those 5 months I went on vacation...not once have I had the need to leave the country to renew my visa.

Also what if that expat has spend almost all his life here....if he is more comfortable here then in his home country which made him want to buy a property here and live here till he dies cause of a false promise of being provided a visa...

Anon @ 07 May, 2009 17:34
Ownership is different from Residency...agreed...but then why make thousands of people belive it's not for 5 years or so...

rosh said...

Stained, I think you know the answers and options available. This is one topic that's been discussed to death, and beyond. I don't think anyone on this blog can give you what you're looking for, because they've as much say in the issue, as you or I. Two fils worth - always - ALWAYS have options. You, for instance at 22, should develop long term stable options. It's a huge world out there, with so much to offer for everyone.

Proud Emirati said...

Stained, I understand what u mean but it isn't the responsibility of the state that u've eaten the bait. If you go to Dubai Naturalization and Immigration department website there is no such thing as residence visa. What used to happen is developers sponsoring property owners, that's it.

Stained said...

PE....developers sponsoring property owners...seriously...never knew that!!! Interesting!!

Rosh...you're right....topic over from my side...I can only hope some rule change happens soon...

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